Credit Guide – Consumer Lease | Credit Contract
DEALER BUSINESS SOLUTIONS | ACN: 143 969 331 | Australian Credit Licence:484208 | PO BOX 1083, ASHMORE CITY, ASHMORE, QLD, 4214
What is a credit guide?
A Credit Guide sets out important information about the services that we provide as a licensee broker, any fees and commission
payable to us, our responsible lending obligations and our internal and external dispute resolution procedures and
how you can access them.
We are required to provide this Credit Guide to you as soon as practicable after it becomes apparent that we are likely
to provide credit assistance to you.
What is credit assistance?
We provide credit assistance when we:
-
- Suggest or assist you to apply for a particular credit contract with a particular credit provider; or
- Suggest or assist you to apply for an increase to the credit limit of a particular credit contract with a particular
credit provider; or - Suggest you remain in a particular credit contract with a particular credit provider.
Which credit providers or Lessors do we utilise when providing credit assistance?
We source credit products from a limited number of banks, lenders and other credit providers. At present, we can write
loans with the following banks, lenders and other credit providers:
-
- ANZ
- Latitude Financial Services
- Macquarie
- Yamaha
- Liberty Financial
- Money3
How will I pay for the credit assistance provided?
The actual fee depends on the extent of work we need to undertake on your behalf but will not exceed $1,320.00 (including GST). The actual amount will be confirmed in the credit proposal we present to you prior to your acceptance of the
credit we have obtained. This fee will be payable at the time the funds are released by the credit provider. No fee
is charged if you do not accept the credit proposal.
We will provide you with a credit quote containing details of our fees and any payments made to us by credit providers
before we provide you with credit assistance.
What information is required to receive credit assistance?
Before we provide you with credit assistance, we are required to complete a Preliminary Assessment. This preliminary
assessment makes enquiries about:
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- your requirements and objectives for seeking a credit product
- your financial and relevant personal situation; and
- your repayment capacity.
We may also request documentation in order to verify the information contained in the preliminary assessment, such as pay slips, letter of employment and bank statements.
What information is kept on my credit file and can I examine my file?
We maintain a record of your personal profile including details gathered as part of our preliminary assessment.
You are entitled to reuest a copy of our Preliminary Assessment, and we must give you a copy if requested. There is
no charge for requesting or receiving a copy of the Preliminary Assessment:
-
- at any time during the first 2 years – we must provide it within 7 business days; or
- between 2 years and 7 years after it was conducted – we must provide it within 21 business days.
We are committed to implementing and promoting a privacy policy, which will ensure the privacy and security of your personal information.
Are commissions, fees or other benefits paid to DEALER BUSINESS SOLUTIONS by the credit provider?
When we provide you with credit assistance, we (or our directors, employees and authorised credit representatives) receive
commissions from the credit providers involved. We may receive the following commissions when we provide credit assistance
to you:
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- Upfront Commission.
- Additional Commission depending on the total volume of business we place with the credit provider.
We can provide, on request, a reasonable estimate of the commission, fees and benefits and how they are calculated.
re commissions, fees or other benefits paid to DEALER BUSINESS SOLUTIONS by the credit provider?
We may pay a referral fee to people or organisations that refer clients to us who receive credit assistance from DEALER BUSINESS SOLUTIONS.
All amounts paid to the referrer are from DEALER BUSINESS SOLUTIONS‘ share of the commission and benefits. You won‘t pay any additional amount if we pay a referral fee. A referral fee is only paid to the referrer by DEALER BUSINESS SOLUTIONS on settlement of a loan.
We can provide, on request, a reasonable estimate of the commission and how it is calculated.
What is a suitability assessment?
By law, we must not provide you with credit assistance if the credit contract is unsuitable for you. If unsuitable, we
cannot:
-
- Suggest or assist you to apply for a particular credit contract with a particular credit provider; or
- Suggest or assist you to apply for an increase to the credit limit of a particular credit contract with a particular
credit provider, or - Suggest that you remain in your particular credit contract with your particular credit provider.
When is a credit contract or consumer lease unsuitable?
A credit contract or consumer lease will be unsuitable if:
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- It is likely that you will be unable to comply with the financial obligations under the credit contract; or
- It is likely that you could only comply with the financial obligations with substantial hardship (such as having
to sell your principal place of residence); or - It is likely that the credit contract will not meet your stated requirements or objectives.
We want to ensure that the credit products you select with us are not unsuitable for your needs. Because of this, it
is important that you openly and honestly discuss with us your requirements, objectives, preferences, financial situation
and repayment capacity.
The aim is to completely resolve any issues you raise. If, despite our best efforts, you believe your complaint has not
been satisfactorily dealt with you can refer your complaint to an independent External Dispute Resolution Scheme.
Your Representative belongs to the following external, independent dispute resolution scheme, which can be contacted
as follows:
AUSTRALIAN FINANCIAL COMPLAINTS AUTHORITY
Ph: 1800 931 678
Web:https://www.afca.org.au/make-a-complaint/
A copy of COSL’s dispute resolution policy is available at https://www.afca.org.au/make-a-complaint/ or by request to your Representative.
What should I do if I have a complaint about the Credit Licensee?
If you have a complaint or concern about the service provided to you by the licensee, please contact their Complaints
Resolution Manager. As part of the Internal Dispute Resolution policy they will investigate the matter and endeavour
to address it as quickly as possible. You can submit a complaint directly with the Credit Ombudsman Service on the
above details.
Complaints Resolution Manager for DEALER BUSINESS SOLUTIONS
dbs@financeaggregation.com.au